Supply and Demand Both Increased in Spot Market Lead Prices Consolidated at High Levels [SMM Refined Lead Spot Market Weekly Review]

Published: Mar 21, 2025 16:47

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SMM Lead Weekly Review: Supply and Demand Both Increased in Spot Market, Lead Prices Consolidated at High Levels In the spot market, the SMM 1# lead average price first declined then rebounded this week (March 15-21, 2025), consolidating at high levels. Additionally, in the secondary refined lead market, regional differences were quite noticeable.

In the spot market, during the week (March 15-21, 2025), the SMM 1# lead price first declined then rebounded, consolidating at a high level. Smelters in Henan mainly shipped under long-term contract, with suppliers quoting a discount of 180-200 yuan/mt against SHFE lead 2504 contract or a premium of 75-100 yuan/mt over SMM 1# lead. In Hunan, supply constraints due to raw material issues remained, and some lead smelters did not reach full production in March; brand lead suppliers quoted a premium of 50-100 yuan/mt over SMM 1# lead, while non-brand lead was quoted at a premium of 50 yuan/mt. Yunnan's electrolytic lead discounts narrowed to 170-180 yuan/mt. Warrants in Jiangsu, Zhejiang, Shanghai turned to a premium of 0-30 yuan/mt against SHFE lead 2504 contract. Throughout the week, SHFE lead continued to fluctuate upward, but the spot lead price increase was limited, and the spot-futures price spread occasionally widened, stimulating traders' enthusiasm for purchasing and transferring to delivery warehouses. Additionally, in the secondary refined lead market, regional differences were significant. Near the end of the week, some suppliers in Hunan and Guangxi expanded their discounts to 150-175 yuan/mt for sales, while mainstream ex-factory quotes in other regions still maintained a discount of 100-50 yuan/mt against SMM 1# lead.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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